Hi
My bro will be reaching 55 soon.
He has more than FRS/ERS in his OA + SA account after selling his flat. He has no intention to buy another flat.
After 55, FRS will be taken from SA + OA. Assuming he does SA shielding, there’ll be still some leftover $$$ in both SA and OA.
What will happen to these $$$? How and when will it be distributed? After 67 years old?
In the meantime before 67, an we assume these accounts will still earn the same interest as before?
My bro will be reaching 55 soon.
He has more than FRS/ERS in his OA + SA account after selling his flat. He has no intention to buy another flat.
After 55, FRS will be taken from SA + OA. Assuming he does SA shielding, there’ll be still some leftover $$$ in both SA and OA.
What will happen to these $$$? How and when will it be distributed? After 67 years old?
In the meantime before 67, an we assume these accounts will still earn the same interest as before?